USDCAD: Consolidating

Saturday, October 12, 20131comments

USD/CAD
has risen after the successful test of the 200 day moving average. A resistance
stands at 1.0436. Hourly supports are given by 1.0353 and by the rising channel
which is around 1.0325. Another resistance can be found at 1.0516.In
the longer term, the key resistance at 1.0870 (02 November 2009 high and the
long-term declining trend line from the October 2002 peak) which is expected to
cap the medium-term upside potential. Furthermore, a decisive break of the support
area between 1.0246 (31 July 2013 low) and the long-term rising trend line which
is around 1.0200 would deteriorate the long-term technical structure.